A major bank has announced a significant increase in cash earnings thanks to above system growth in mortgage lending.
NAB Broker has boosted staff numbers in its third party mortgage services team by more than 10 percent over the quarter, with plans to recruit a further 30 roles in the year ahead.
Non-bank lenders have more than doubled the growth rate of banks, but industry bodies say competition between the big four is not strong enough.
NAB has announced it will be training tellers to provide ‘lite’ financial advice as part of its strategy to increase its share of the mortgage market.
National Australia Bank has made indications it will look to grow its involvement in the broker channel.
Macquarie Bank recorded over 20% growth in its mortgage book in the past year, while ANZ and NAB continue to lead the big four banks in growth.